Delinquent Tax Preparation and Filing Help

Millions of Americans fail to file their individual income tax returns each year. Some of these people have perfectly reasonable explanations for why they did not file and pay. Perhaps they were seriously ill or they were travelling abroad. Of course, the most common explanation for these so-called non-filers is that they simply could not afford their tax bills. Unfortunately for those people, failure to file federal income taxes is a criminal offense.

On the bright side, the IRS seldom prosecutes taxpayers who voluntarily file back tax returns. This is not out of altruism. The IRS is as tough as it has ever been. But the powerful tax collection agency understands it is cheaper to “encourage” people to re-enter the system than it is to chase them underground for failing to file. However, the IRS will eventually act if you refuse to file your tax return.

Delinquent tax returns

Because they receive income reports from employers, the IRS can create and file substitute tax returns if you fail to file your own. IRS revenue personnel will then determine your total tax debt and contact you directly, either by phone or by mail for payment. If you fail to pay these estimated back taxes, the agency will get deadly serious. They may ultimately freeze your bank accounts, garnish your wages, and seize your personal possessions.

How to file back taxes

One reason why most people stay out of the system after missing a tax return or two is because they do not have accurate financial records. Maybe they lost them in a move or simply neglected to keep them. Whatever the reason, copies of past income statements can be obtained from the IRS. These figures can then be used to complete and file past tax returns. Taxpayers can often obtain mortgage interest statements from their lender and can generally order old bank statements when figuring deductions from the past.

Talk to a professional

When you have the opportunity to make good on your tax debt, it is always a good idea to take it. We strongly suggest that you contact an experienced tax representative and have him file your past returns for you. After the missing returns have been submitted, your tax representative will interact with the IRS on your behalf. He will handle all communications with the IRS in an attempt to negotiate a manageable payment plan, or even a tax settlement if you qualify.

Owing back taxes is not the end of the world, in fact, it isn’t even uncommon. More than twenty million Americans owe money to the IRS. Many of them receive a Failure to File Notice in the mail years after the tax return in question was due. This seemingly scary missive is essentially a second chance. When the IRS asks you to file a missing tax return, it is best to oblige them.

A talented tax representative can help you file back taxes before the IRS takes steps to recover an outstanding tax debt. With the right advisor, the process can be far less painful and more affordable than you might imagine.

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For more information about an tax debt or to speak with a tax representative please visit http://www.txmstr.com.

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